The cost of living in Ontario is four times higher than in other provinces

While it's not a new revelation that the cost of living in Ontario is higher than in other parts of Canada, recent data reveals just how challenging life in this province is compared to other regions. In a recent study by Westland Insurance, every aspect of daily life, from rent and bills to food costs, transportation expenses, and lifestyle, has been examined to assess the cost of living for people across the country. The results of this study show that the differences in the cost of living in various areas are much greater than most people assume, and Ontario is recognized as one of the costliest destinations.

According to this study, the cost of living in Ontario is nearly four times higher than the least expensive province in Canada, namely Newfoundland and Labrador. Out of the 10 Canadian provinces, Ontario ranks second with a score of 71 out of 100 for being the most expensive region, following British Columbia with a score of 79, which is in the top position.

This report reminds us that in some cases, Ontario's expenses are similar to those in British Columbia, but in areas like household items, home repairs, and consumables, Ontario is known for having higher costs. Considering that the average price of residential properties in Ontario is currently at $931,870, and the annual income of individuals is only $41,690, prospective home buyers in Ontario need a much longer time to save for a home purchase.

In comparison, the average income in Newfoundland is significantly higher at $57,410, and the cost of an average home in that province is just $291,807."

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